The new financial year has started. In such a situation, if you are working somewhere, then that company will ask you for investment declaration. If the company has not yet asked you for the details of the investment, then the company will ask for it now. If you are also worried about saving tax, then today we are telling you some ways.
What if you get the benefit of tax exemption on both home loan and HRA? Maybe even if this happens, you will be happy.
Have a flat but live on rent
If you have your own flat but its distance is far away from your office, so you live in a rented flat, then the question arises whether they will get the claim of tax deduction on HRA with home loan repayment. belongs to the people.
Exemption may be available with certain conditions
Knowing this, let us tell you that both HRA and home loan can be claimed subject to certain conditions. You can make both these claims even by living in the same city.
HRA will be exempted in this way
It is worth noting that the EMI of the home loan is in two parts. A principal amount which you have to pay upfront and an EMI which you pay in installments.
Tax exemption up to Rs 1.5 lakh can be claimed on the principal amount of the home loan under 80C. Apart from this, you can also claim tax exemption on home loan interest up to Rs 2 lakh separately.
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